Social media analytics is used to evaluate data traces, which enables insights for social and business uses. It also helps the business to execute any brand campaign. Many enterprises are yet to discover its true potential. With a huge chunk of social media content exploding every second, social media analytics may become one of the most important tools for companies to make strategies and implement short-term plans.
Increase in number of social media users, rise in expenditure on analytics, and growth in market strategies & competitive intelligence are expected to drive the growth of the global social media analytics market. In addition, factors such as increase in cloud adoption and high rate of deployment in SMEs are expected to provide lucrative opportunity for the market growth. However, lack of skilled expertise and complexities in analytical workflow hamper the growth of the social media analytics market.
The social media analytics market was valued at $1,269 million in 2014 and is projected to reach $9,383 million by 2022, growing at a CAGR of 29.2% from 2016 to 2022. The retail sector segment dominated the total end-user market in 2014.
In 2014, customer behavioral analysis segment accounted for the maximum revenue share in the overall applications of social media analytics market. This is due to the increase in rivalry paired with the need for effective brand promotion, which drives the requirement of customer behavioral analysis. In addition, marketing management segment is expected to witness the fastest growth at CAGR of 30.9% during the forecast period.
The retail sector dominated the global social media analytics market in 2014 due to various advantages of social media analytics such as increase in brand awareness, better connection with audiences, creating hype around products, reduced gaps in the sales cycle. Furthermore, another end user segment is anticipated to grow at a CAGR of 30.1% during the forecast period (2016-2022).
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Asia-Pacific is estimated to grow at the fastest rate due to increase in the adoption of social media analytics industry and extensive growth rate in China, Japan, Philippines, and India pertaining to the increase in number of social media users and flourishing retail sector.
The key players profiled in the report include Oracle Corporation, Adobe Systems, Inc., IBM Corporation, SAP SE, Netbase Solutions, Inc., Hootsuite Media, Inc., Tableau Software, Crimson Hexagon, SAS Institute, and Salesforce.com Inc.
- This study comprises analytical depiction of the market, with global social media analytics market trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger coverage in the market.
- The report presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Quantitative analysis from 2014 to 2022 is provided to highlight the financial competency of the market
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the social media analytics industry
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Social Media Analytics Market Key Segments
The social media analytics market is segmented based on application, end user, and geography.
- Customer Segmentation & Targeting
- Competitor Benchmarking
- Multichannel Campaign Management
- Customer Behavioral Analysis
- Marketing Management
By End User
- Media & Entertainment
- Travel & Hospitality
- IT & Telecom
- Others (BFSI, Healthcare)
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This post was originally published on Trading Herald